TFU | July 2-8

Square withdrew its application to the FDIC to become an ILC; the Swiss stock exchange announced plans to build an end-to-end distributed ledger platform; the U.K. FCA welcomed new firms into its regulatory sandbox; PayPal completed the multi-billion dollar sale of its consumer credit portfolio; and the European Banking Authority published reports warning banks about being too passive or proactive on fintech.

NYSE executive to join Winklevoss Bitcoin Firm. Gemini, a digital-currency exchange founded by the Winklevoss twins, is adding NYSE chief information officer Robert Cornish. The move mirrors that of competitor Coinbase, who has hired veterans of traditional markets like the CME. “As the crypto market matures, we feel it’s going to look and feel like existing, mature markets,” Mr. Winklevoss said.